PCMM is an actively managed ETF that focuses on private credit collateralized loan obligations (CLOs). It primarily invests in loans to private companies, which may be U.S. or non-U.S. senior secured or subordinated corporate loans. Typically, the focus is on small to medium-sized private entities. Up to 20% can be allocated to broadly syndicated loans, high yield bonds, and other investments, but no more than 10% can be invested in a single CLO. While emphasizing investment-grade securities, the fund permits up to 25% in high-yield instruments and similarly allows up to 25% in non-U.S. dollar assets. Through active trading, PCMM aims to harness market opportunities, particularly during volatile times. The portfolio manager employs a comprehensive approach, combining top-down economic analysis with bottom-up research and quantitative modeling, and evaluates factors like expected returns, yield, and risk for dynamic trading decisions.